Paying For Property

How do I go about paying for my property?

In Scotland, only solicitors can buy and sell property through a process known as conveyancing. This has been refined over the years to ensure a legally robust process free from ambiguity for buyer and seller. As the solicitor acting for you, the full purchase price for the property must be lodged with us. At the appropriate time we will release funds to the seller’s solicitors, who will then release the fund to the seller. If you require a mortgage, you will lodge the agreed deposit amount with us, while your mortgage provider will lodge the remaining balance. If you are involved in the Scottish Government backed Help to Buy (Scotland), the scheme’s administrators will lodge their proportion of the balance with us.

Your deposit can only be paid by bank transfer, cheque or bankers draft. You cannot use a credit or debit card. If using a cheque, we recommend you provide it at least a week before the money is due. If paying by bankers draft, we also require a letter from the bank confirming that the funds have come from your account.

Can Wallace Quinn help me arrange a mortgage?

If you’re looking for a new home and will need a mortgage to purchase it, we recommend you begin the process of applying for a mortgage as soon as possible. Only Independent Financial Advisors, Banks and Building Societies are able to help you with arranging a mortgage. If you do not currently use or know any Independent Financial Advisors, we can put you in touch with one of our trusted partners.

When does my mortgage start?

This should be clearly explained in the mortgage offer you received from your provider. If you have any doubts, you should speak with your lender or your financial advisor.

When do I own my property?

Once you have funding arranged, you will sign a contract with the seller known as the missives. This is the legally binding document that starts the process of transferring the property from buyer to seller. This transfer process is known as conveyancing. After you have signed the missives, we will give you an expected date of completion, and a date by which all funds musts be lodged with us. Once we have finished the conveyancing process, you’ll get the keys to the property and it will be yours. We have a separate fact sheet which goes into more detail on the conveyancing process.